Financing With A Home Equity Loan
Posted by nick_niesen on October 29th Billiga Nike VaporMax Plus , 2010


If you have good credit, a homeowner, your mortgage is paid on time every month and you are thinking about borrowing money, the home equity route may be the way to go. What this allows is suppose your home is worth substantially more than your current mortgage Billiga Nike VaporMax Flyknit , for example, your mortgage is for £100,000 but your home is worth £200,000 Billiga Nike Air VaporMax , you will have an equity of £100,000 in the value of your home that you can borrow against.


A home equity loan can be used for many purposes:


Paying off other debts;
Taking a holiday;
Paying for university;


The loan is secured over your home, and therefore, the interest rate will generally be lower than for other types of credit that may be available. This makes them a good option for paying off higher interest debts Billiga Nike Air Max Plus , so long as you don聮t rack them up again, or taking on a larger project such as a house extension. It is often a good idea to use a home equity loan to renovate your house, as the house value increases as a result, and often by more than what you pay to renovate it. You can also receive a tax credit on the interest paid on the loan.


However Billiga Nike Air Max Deluxe , it must be remembered that such loans are not appropriate for everybody in every situation. They should generally only be used for large projects of long term needs. For smaller loans, it may be better to look at other options such as personal loans. The rate and terms, as with all loans, will vary depending on your payment history and the amount and length of the loan.


The loan can be offered as a lump sum or as a credit line. The lump sum gives you the whole amount of the loan all at once and interest is payable on it immediately. With a credit line Billiga Nike Air Max 93 , you only use the money as needed, up to an agreed maximum, and interest only accrues on the amount you use.


You should always carefully review your finances before taking on more debt, especially if it is to be secured on your home. Using your home as security means that if repayments aren聮t made on the loan Billiga Nike Air Max Axis , you could lose your house. It is therefore important that you are comfortable with the amount you are borrowing. You should also look at the differences in costs between a lump sum and a line of credit and decide carefully which one better suits your needs.


It's amazing to see so many people who are prepared to sacrifice their lives for the sake of their careers.


I'm sure you know of someone like that. They get up at the crack of dawn, drag their weary bodies out of the house and head off for another exciting day at work. Ten or twelve hours later they head home totally exhausted with all their energy sapped from their body.


They might make the effort to find out how the rest of their family's day has been, even read their children a bed-time story. Finally after having something to eat, taking a hot shower or bath Billiga Nike Air Max 120 , they then veg out on the couch. They immerse themselves in the newspaper (again) or watch the news or some mindless television show (if they don't fall asleep beforehand).


And this is a common scenario for many people who work for someone else! I can understand it if you own your own business where there's so much extra pressure riding on you, yet to sacrifice so much for someone else???


The Solicitor


I met Jerry at the gym. He was telling me that for the past two years he has been working at a legal firm in the city. An average day commenced at 8.00 a.m. and finished at 7.00 p.m. Working weekends was common. Lunch breaks and time off were unheard of. This was the culture instilled at his company! No wonder staff turnover was high!


Here was a young man, only 25 years old, absolutely stressed to the max.


He felt he was on a rollercoaster and couldn't get off.


Clearing the Clutter


Jerry was so entrenched in his situation he couldn't clearly see what he could do. He felt powerless so did nothing.


I suggested to Jerry he write a list of all the options open to him. Some of these were:


Speak to his boss and work out a compromise.


*Plan his working day and be strict about the time he would leave each day. Take charge himself by starting later if he had to stay back. Or finish earlier if he had to commence work earlier. Learn to say 'no'.


Look for another job where they put their people first. (According to Jerry most legal firms treated their people the same way). See our newsletter Look After Your People and They Will Look After You Jerry really did know his options and just needed to have someone to confirm what he already knew (and ask a few hard questions).


So what did Jerry do?


He spoke with his boss who agreed to a compromise. Unfortunately that only lasted two weeks and Jerry found himself in the same situation.


He did what he knew deep down he should have done months ago but couldn't be bothered doing as it was more pressure in his life. He allowed time to go job-hunting. I suggested he use our weekly planner so he could plan his week effectively with the key focus on finding a new position.


He contacted everyone he knew and told them about his situation. Jerry scoured the internet for vacancies and the weekend papers. He invested time and energy into his own life. Within three weeks he had a new position handling legal matters in a medium sized business (not a legal practice).


By taking action Jerry moved forward. He got himself organised and focussed and took control of his life. He realised he had the power to make the change.


Are you holding yourself back? Is it time for you to stop drowning and start swimming?


5 Ways to Get Off Your Butt and Out of the Rut


#1 Make a list of what you'd like to change. (eg. Change job Billiga Nike Air Max Fury , lose weight, find a partner)


#2 Prioritise which item on that list is the most important and write no. 1 next to it. Continue numbering the rest of the items.

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